Beyond the GAAP no.190 - July-August 2024
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Beyond the GAAP no.190 - July-August 2024
The Corporate Sustainability Due Diligence Directive (CSDDD) has now entered into force following its publication in the Official Journal of the European Union on 5 July 2024. It must be transposed into national law by 26 July 2026. This major new directive, which establishes a corporate due diligence duty, will apply to around 6,000 European companies and around 900 non-EU companies. In other European news, this summer’s publications include an EFRAG study on initial ESRS implementation practices, which we look at in detail in a feature in this issue.
On the financial reporting front, this summer saw the IASB publish multiple exposure drafts, including one that proposes illustrative examples of how to apply current IFRS to report the effects of climate-related and other uncertainties in financial statements. This proposal, which responds to significant stakeholder demand, will certainly give rise to interesting discussions over the coming months.
Contacts
Vinh Bui Partner, Audit & assurance
Beyond the GAAP no.188 - May 2024
In May, EFRAG issued some important documents to support large entities that are required to publish a sustainability statement under ESRS. EFRAG had first issued a compilation of explanations provided to stakeholders in response to questions posed on the Q&A platform opened last October. In addition to reproducing some of the answers already published, this compilation includes 44 new explanations...
Beyond the GAAP no.187 – April 2024
On 9 April 2024, the IASB published IFRS 18 – Presentation and Disclosure in Financial Statements, the new standard that will replace the current IAS 1 –Presentation of Financial Statements. This standard, the culmination of the Primary Financial Statements (PFS) project initiated in 2015, aims to improve the comparability, quality and transparency of financial information for users of financial statements....
Beyond the GAAP no.186 - March 2024
In last month’s issue, we looked at the three main topics covered by the draft amendments to IAS 32, IFRS 7 and IAS 1, as set out in the Financial Instruments with Characteristics of Equity (FICE) exposure draft. In this issue, we present the Board’s proposals on the other seven topics, including contingent settlement provisions, shareholder decisions and reclassification of financial instruments...